We were able to offset challenging weather conditions at the beginning of the sailing season and a decline in the Canadian dollar by further improving the operating reliability of the fleet.

we were able to offset challenging weather conditions at the beginning of the sailing season and a decline in the canadian dollar by further improving the operating reliability of the fleet


But some customers want to have that ability to sort of use component building blocks that they get from the raw open source distribution


regional office in Melville, Long Island. We've put some strategic hires in our South Jersey office. And so I expect that

regional office in melville long island we've put some strategic hires in our south jersey office and so i expect that


And if I look at the largest customer that we have in the e-commerce space and I look at the last quarter, business almost doubled. So we certainly like where we are.

and if i look at the largest customer that we have in the e-commerce space and i look at the last quarter business almost doubled so we certainly like where we are


ordering correctly, we're scheduling the right prep, that we're scheduling people during the right times. And we want to make sure that we're doing that in the right way every time. So I'd rather talk about it as we expect to get to a run rate during the year,

ordering correctly we're scheduling the right prep that we're scheduling people during the right time and we want to make sure that we're doing that in the right way over time so i'd rather talk about it as we expect to get to a run rate during the year


hold off on their travel to that market until such time as things stabilize there. But it would be very difficult for us to comment on what the RevPAR growth would have been other than

hold off on their travel to that market until such time as things stabilize there but it'd be very difficult for us to comment on what the revpar growth would have been other than


We are also consolidating our distribution operation in Costa Rica into a single distribution center that will allow us to reach more routes and continue our expansion in the country.

we are also consolidating our distribution operations in costa rica into a single distribution center that will allow us to reach more routes and continue our expansion in the country


Normally, our normal backlog on something like this is about 50. Now 50 even sounds a lot for a normal run rate, but you have to understand there's a lot of customers who

normally our normal backlog on something like this is about 50 now 50 even sounds like a lot for a normal run rate but you have to understand there's a lot of customers who


As we articulated, we decided to become a public company to improve our fundraising through greater brand awareness in the global markets, improve our access to the capital markets,

as we articulated we decided to become a public company to improve our fundraising through greater brand awareness in the global markets improve our access to the capital markets


What is likely to happen is, is that thing will equilibrate rather quickly in that part of the world because it can move north, south, east and west.

what is likely to happen is that thing will equilibrate rather quickly in that part of the world because it can move north south east and west


So I would think that either everyone loses or everyone wins it, and this should have an impact on your margins. I would like to know whether this is the way you see it as well.

so i would think that either everyone loses or everyone wins it and this should have an impact on your margins i would like to know whether this is the way you see it as well


I'm looking forward to the balance of 2016, the combination of prospects we have for continued ramp-up from integration of our recent acquisitions in the convenience store and restaurant space

i'm looking forward to the balance of 2016 the combination of prospects we have for continued ramp-up from integration of our recent acquisitions in the convenience store and restaurant space


and once we have used that up, depending on what the balance sheet looks like and what the environment is like, we can certainly consider going back to the board for further authorization.

and once we have used that up depending on what the balance sheet looks like and what the environment is like we can certainly consider going back to the board for further authorization


We do not see a turning point. And as I may probably add to this, I do not expect that for a very

we do not see a turning point and as i may probably add to this i do not expect that for a very


Looking now at flows by investment objective for the quarter. Overall flows into our global strategies remain challenged as redemptions were elevated. However, sales held up and were essentially flat.

looking now at flows by investment objective for the quarter overall flows into our global strategies remain challenged as redemptions were elevated however sales held up and were essentially flat


Slide 9 provides the geographic revenue mix in the company. The Mueller acquisition, in combination with organic growth in Europe, shifted our mix towards Europe this quarter as compared to the same quarter last year.

slide 9 provides the geographic revenue mix in the company the mueller acquisition in combination with organic growth in europe shifted our mix towards europe this quarter as compared to same quarter last year


at least not in the retail space. Now we've done real asset institutionally, and those have been very effective, and I think that's

at least not in the retail space now we've done real asset institutions institutionally and those have been very effective and i think that's


Please note that, as in the past, while we will not be reviewing the presentation slide by slide during the call, we will make reference to a number of the slides as we discuss our financial results.

please note that as in the past while we will not be reviewing the presentation slide by slide during the call we will make reference to a number of the slides as we discuss our financial results


it also -- it looks like about half the backlog is related to Microsoft. Can you talk about the visibility into future projects with them? And do you expect them to be in digest mode for the next little bit?

it also -- it looks like about half the backlog is related to microsoft can you talk about the visibility into future projects with them and do you expect that to be in digest mode for the next little bit


We have seen some creep up in construction costs from the beginning of the year in labor and some of supplies on that. And so a lot of the savings that we had engineered on our first solutions

we have seen some creep up in construction costs from the beginning of the year in labor and some of the supplies on that and so a lot of the savings that we had engineered on our solutions


Now I want to make sure my customers, engineering team are fully authorized and they're to pay -- fully authorized by their management and they're to pay rather

now i want to make sure my customers' engineering team are fully authorized and they have to pay fully authorized by their management and they have to pay rather


Our Oakdale mine with its dual served Class I rail capabilities is well positioned to compete for new business, particularly in the Bakken and the Marcellus.

our oakdale mine with its dual served class 1 rail capabilities is well positioned to compete for new business particularly in the bakken and the marcellus


This estimate assumes no new funding from additional collaboration agreements or from external financing events and no significant unanticipated changes in costs and expenses.

this estimate assumes no new funding from additional collaboration agreements or from external financing events no significant unanticipated changes in costs and expenses


which we actually launched in spring '18. And that produced really 7 key areas for the business to focus on and drive the business forward for growth.

which we actually launched in spring '18 and that produced really 7 key areas for the business to focus on and drive the business forward for growth


but they're aggressively moving that's forward and having good success so far, as indicated by the Q2 number. And we continue to feel confident that we're going to be able to deliver what we expect in the back half.

but they're aggressively moving that forward and having good success so far as indicated by the q2 number and we continue to feel confident that we're going to be able to deliver what we expect in the back half


We also expanded our commercial presence in emerging markets and strengthened our position as those replacement channel continue to develop.

we also expanded our commercial presence in emerging markets and strengthened our position as those replacement channels continue to develop


Just taking that expertise and capability and meshing it together with our presence in these other markets. So that has been a part of our strategy for the past few years.

just taking that expertise and capability and meshing it together with our presence in these other markets so that has been a part of our strategy for the past few years


what we can do to strengthen the walls around the company and the monitoring and protection process inside the company. We're spending a tremendous amount more on infrastructure,

what we can do to strengthen the walls around the company and the monitoring and protection process inside the company we're spending a tremendous amount more on infrastructure


Second, it means that the bankers who came to MB from American Chartered were intensely focused on helping their clients get through our September systems conversion and the aftermath.

second it means that the bankers who came to mb from american charter were intensely focused on helping their clients get through our september systems conversion in the aftermath


Actual results may differ materially from those indicated by these statements as a result of various important factors, including those discussed in the Risk Factors section in our Form 10-K

actual results may differ materially from those indicated by these statements as a result of various important factors including those discussed in the risk factors section in our form 10-k


will also apply this richer experience on our e-commerce channel. For example, we will enhance our photography and improve the layer of the site to better showcase our elevated product.

we will also apply this richer experience on our e-commerce channel for example we will enhance our photography and improve the layout of the site to better showcase our elevated product


we're leaving you with hopefully the impression we think footprint in terms of the number of stores is important, and we don't necessarily see that going down. It actually possibly could even go up.

we're leaving you with hopefully the impression we think footprint in terms of number of stores is important and we don't necessarily see that going down it actually possibly could even go up


a very good software tool to capture all the data. So we'll be in a position later this year to report you what that looks like for Rolls-Royce. The property and aircraft engines are the most material item.

a very good software tool to capture all the data so we'll be in a position later this year to report to you what that looks like for rolls-royce the property and aircraft engines are the most material item


Now I would like to briefly highlight some of our other accomplishments during fiscal 2018. During fiscal 2018, we significantly expanded our Natural Grocers brand offerings.

now i would like to briefly highlight some of our other accomplishments during fiscal 2018 during fiscal 2018 we significantly expanded our natural grocers brand offering


Our European and Asia Pacific effective tax rate was 34%, reflecting higher rates on our European profits from legislation changes and the impact of a loss in Asia Pacific.

our european and asia pacific effective tax rate was 34% reflecting higher rates on our european profits from legislation changes and the impact of the loss in asia pacific


As Steve mentioned earlier, from a financial perspective, the energy research sale was a great result and we're now well capitalized for growth. With respect to the other research sectors,

as steve mentioned earlier from a financial perspective the energy research sale was a great result and we're now well capitalized for growth with respect to the other research sectors


we don't see a catalyst, right? We don't see that happening. We're well positioned to deal with it if it does. We've always said time and again that we are very able

we don't see a catalyst right we don't see that happening we're well positioned to deal with it if it does we've always said time and again that we are very able


This dedicated project team arrangement was initiated in the second quarter and is a significant step forward for us in developing intimacy with this great customer,

this dedicated project team arrangement was initiated in the second quarter and is a significant step forward for us in developing intimacy with this great customer


Our journey to optimize our manufacturing footprint and associated operating cost remains on track to further enhance our competitiveness.

our journey to optimize our manufacturing footprint and the associated operating cost remains on track to further enhance our competitiveness


Most recently, Tanja has redesigned our talent acquisitions, bringing talent in from many well-respected companies and competitors who will have a positive impact on our business.

most recently tanya has redesigned our talent acquisition bringing talent in from many well-respected companies and competitors who will have a positive impact on our business


that give us a little bit of a safety net as well. So really, the primary risk is in the pricing area on the spot business. So if the industry

to give us a little bit of a safety net as well so really the primary risk is in the pricing area on the spot business so if the industry


We believe that we have continued opportunity in this space going forward. Convenience checks and small loans, which have historically been the core portfolios and engines of growth for the company

we believe that we have continued opportunity in this space going forward convenience checks and small loans which have historically been the core portfolios and engines of growth for the company


but we are mindful that our customers could potentially eventually overextend themselves with other credit issuers, so further underwriting tightening is something we'll continue to keep top of mind.

but we are mindful that our customers could potentially eventually overextend themselves with other credit issuers so further underwriting tightening is something we'll continue to keep top of mind


which is related on the review of the reason why we have ended up with such a difficult situation is for the time being


And so the combination of all of those factors together should give us a nice tailwind, I particularly -- the emerging market's really the key to getting the aggregate category growth

and so the combination of all of those factors together should give us a nice tailwind i particularly -- the emerging markets really the key to getting the aggregate category growth


has been beat up like over the years, that's still probably have a lot of dealers are going to have to take a write off and move it there. When you move to the construction,

has been beat up like over the years that's still probably have a lot of dealers who are going to have to take it right off and move it there when you move to the construction


Is it fair to say that the penetration you are getting with both of these customers is still fairly low and has a lot of room to grow?

is it fair to say that the penetration you're getting with both of these customers is still fairly low and has a lot of room to grow


My leadership team and I continue to assess these challenges while taking actions to be sure that the right people and processes are in place to overcome obstacles and build success for the future.

my leadership team and i continue to assess these challenges while taking actions to be sure that the right people and processes are in place to overcome obstacles and build success for the future


It is not uncommon to see as many as 5 to 6 hiring agencies, for example, at a given health system, each functioning in different departments with little or no coordination.

it is not uncommon to see as many as 5 to 6 hiring agencies for example at a given health system each functioning in different departments with little or no coordination


That covers the update on our product candidate development programs. I'll now turn the call over to Heidi for discussion of the financial results for the third quarter of 2017. Heidi?

that covers the update on our product candidate development programs i'll now turn the call over to heidi for a discussion of the financial results for the third quarter of 2017 heidi


So I think that covers your question as best we can right now, but even though we're pleased with the initial results in the quarter

so i think that covers your question as best we can right now but even though we're pleased with the initial results in the quarter


despite the overall softness in the Bismarck construction market for industrial gensets. This outperformance gives us confidence that we are executing on a key portion of our Powering Ahead strategy of gaining industrial market share.

despite the overall softness in the bid spec construction market for industrial gensets this outperformance gives us confidence that we are executing on a key portion of our powering ahead strategy of gaining industrial market share


In parallel to that, the manufacturing of the lithium iON cells, we've assessed that make versus buy that we're going to find manufacturing partners

and parallel to that the manufacturing of the lithium ion cells we've assessed that make versus buy that we're going to find manufacturing partners


Nutrition clubs. They lose money, and they're simply a recruiting vehicle. Many distributors find it all but impossible to make enough money from retail sales of product to cover the overhead of the club and generate income for the owner.

nutrition clubs they lose money and they're simply a recruiting vehicle many distributors find it all but impossible to make enough money from retail sales of product to cover the overhead of the club and generate income for the owner


distribute and track corporate governance, financing, legal and other documents in an online workspace accessible to internal resources and outside advisers.

distribute and track corporate governance financing legal and other documents in an online workspace accessible to internal resources and outside advisers


Having said that though, I'd say then if you look at 2 -- 3 other large categories, they have different risks associated with them from a probability of success,

having said that though i'd say then if you look at 2 -- 3 other large categories they have different risks associated with them from a probability of success


with a royalty-bearing exclusive license to the co-owned new intellectual property to be granted to the joint venture company once it is legally formed.


Thanks, Greg. As we close, I want to reiterate that we are confident in the potential of Lumber Liquidators. We believe we offer a great value proposition for our customers,

thanks greg as we close i want to reiterate that we are confident in the potential of lumber liquidators we believe we offer a great value proposition for our customers


This was the basis of our good, better, best campaign. We believe we have the best assortment in the market, but we have also simplified the shopping experience for the customer.

this was the basis of our good better best campaign we believe we have the best assortment in the market but we've also simplified the shopping experience for the customer


But I also hope investors agree that getting the cost structure right is a different kind of problem than sharply falling sales. In any event, optimizing the cost structure is at the top of my action list.

but i also hope investors agree that getting the cost structure right is a different kind of problem than sharply falling sales in any event optimizing the cost structures at the top of my action list


Perfect. And then finally, you comment in the report that you have had satisfactory sales and profit development in your online business. Could you

perfect and then finally you comment in the report that you have had satisfactory sales and profit development in your online business could you


related to the ongoing client conversion activities and higher operating cost as IFDS expands its infrastructure to address increasing regulatory compliance and security needs.

related to the ongoing client conversion activities and higher operating costs as ifds expands its infrastructure to address increasing regulatory compliance and security needs


our mid-scale offering. And the key feature here is that we've designed a robust, simple process,

our midscale offering and the key feature here is that we've designed a robust simple process


So I think we're living with the refinery waivers this year that were given out, and I don't see a lot of remediation for the immediate term. Over the long term, potentially,

so i think we're living with the refinery waivers this year that were given out and i don't see a lot of remediation for the immediate term over the long term potentially


things that our customers have told us they can't get with other approaches. So that has caused us to say we're going to stay in the game and take this to the next level

things that our customers have told us they can't get with other approaches so that has caused us to say we're going to stay in the game and take this to the next level


These factors are discussed in the Business Description and Management's Discussion and Analysis sections of the company's report on Form 10-K, an annual report to shareholders,

these factors are discussed in the business description and management's discussion and analysis sections of the company's report on form 10-k and annual report to shareholders


a few days ago, but that the forecast will be skewed actually towards the second half in terms of growth and margin contributions

a few days ago but that the forecast will be skewed actually towards the second half in terms of growth and margin contributions


The last key focus area has been the recycling of capital out of the lower performing villages and using that capital to reinvest into growing and reshaping the portfolio.

the last key focus area has been the recycling of capital out of the lower performing villages and using that capital to reinvest into growing and reshaping the portfolio


And without getting into too many details for proprietary reasons, I would like to say that consumers are beginning to see a change in our overall Pizza Pizza strategy and marketing strategies.

and without getting into too many details for proprietary reasons i would like to say that consumers are beginning to see a change in our overall pizza pizza strategy and marketing strategies


In the second quarter, we won a number of new customers, including the Los Angeles Metro Transportation Authority, the Slovenian Railways and the Public Health Agency of Sweden.

in the second quarter we won a number of new customers including the los angeles metro transportation authority the slovianian railways and the public health agency of sweden


Having said that, we currently operate several different facilities for Amazon across a variety of our suite of services and excited about our potential growth with this partnership.

having said that we currently operate several different facilities for amazon across a variety of our suite of services and excited about our potential growth with this partnership


We also completed the fund merger of National Provident Life into Phoenix Life Assurance in the first half of this year, leaving only 2 remaining U.K. life companies,

we also completed the fund merger of national provident life into phoenix life assurance in the first half of this year leaving only 2 remaining u k life companies


I'd like to take this opportunity to thank our more than 400,000 team members around the world who are continuing to work hard to deliver the holidays during the home stretch of the season.

i'd like to take this opportunity to thank our more than 400 000 team members around the world for continuing to work hard to deliver the holidays during the home stretch of the season


So this one's for Henry. Could you please discuss strategic initiatives to accelerate growth in FedEx Supply Chain and discuss what type of growth you anticipate for this business longer term?

so this one's for henry could you please discuss strategic initiatives to accelerate growth in fedex supply chain and discuss what type of growth you anticipate for this business longer term


In addition, when you think about some of the large projects that are pending as well, such as 5G, perhaps that will be next year, we'll start to see some impact of that,

in addition when you think about some of the large projects that are pending as well such as 5g perhaps that will be next year we'll start to see some impact of that


to rationalize projects that have a lower likelihood of commercial success, and are redirecting resources into more promising customer driven innovation.

to rationalize projects that have a lower likelihood of commercial success and are redirecting resources into more promising customer-driven innovation


Also, the continued contract base growth in the service industry bodes well for the future of the service business as such.

also the continued contract base growth in the service industry bodes well for the future of the service business as such


in the third quarter of 2016. Garden City Medical is included in the 2016 results that will be discussed on the call unless otherwise noted.

in the third quarter of 2016 garden city medical is included in the 2016 results that will be discussed on the call unless otherwise noted


That means we will have ample capacity to continue to invest in our business, pursue compelling growth opportunities and reduce debt while delivering immediate cash returns to our shareholders.

that means we will have ample capacity to continue to invest in our business pursue compelling growth opportunities and reduce debt while delivering immediate cash returns to our shareholders


And as I said, we've only just begun to scratch the surface. But everything, and I think that you would agree with us, everything that we've seen in the performance of INGREZZA to date, says

and as i said we've only just begun to scratch the surface but everything every -- and i think that you would agree with us everything that we've seen in the performance of ingressa to date says


operational and financial projections and goals are beliefs and assumptions of the company's management and are based on information currently available.


These include the impact of our annual residual value policy update on depreciation, accelerated depreciation and the gains realized on sale of vehicles.

these include the impact of our annual residual value policy update on depreciation accelerated depreciation and the gains realized on sale of vehicles


Our ability to provide integrated planning, engineering and design, procurement and construction and maintenance services is of particular value to several industry participants.

our ability to provide integrated planning engineering and design procurement and construction and maintenance services is of particular value to several industry participants


As a reminder, each of our leases contain variable rent features, so that CorEnergy can benefit from the increased production of our tenants and higher utilization of our assets.

as a reminder each of our leases contain variable rent features so that coenergy can benefit from the increased production of our tenants and higher utilization of our assets


with its strong economic returns, to fruition. However, I must state that we're not prepared at this point to expose shareholders to significant equity raising in order to fund this project.

with its strong economic returns to fruition however i must state that we're not prepared at this point to expose shareholders to significant equity raising in order to fund this project


Are there other aspects that patients control that might contribute to varying functional benefit amongst patients or do you think there's a more direct line from the peak increases in muscle mass to function?

are there other aspects that patients can control that might contribute to varying functional benefit amongst patients or do you think there's a more direct line from the peak increases in muscle mass to function


moving towards the premium end of the sectors in which we trade, systematically raising the quality of amenity right across our portfolio and getting on to that 6- to 7-year cycle of investment that Tim talked about

moving towards the premium end of the sectors in which we trade systematically raising the quality of amenity right across our portfolio and getting on to that 6- to 7-year cycle of investment that tim talked about


Is there a target you have in mind? How much do you think you can improve given the efforts you're taking on? Or any color you can give from that perspective?

is there a target you have in mind how much do you think you can improve given the efforts you're taking on or any color you can give from that perspective


and organization in order to formulate a long-term vision for the new Marvell. I see tremendous potential for the company to participate in growing markets and to increase its profitability.

and organization in order to formulate a long-term vision for the new marvell i see tremendous potential for the company to participate in growing markets and to increase its profitability


We believe this strategic focus will create long-term growth for the company and sustainable value for both society and shareholders. And with that, I'd like to turn the call over to Rob.

we believe this strategic focus will create long-term growth for the company and sustainable value for both society and shareholders and with that i'd like to turn the call over to rob


the way you look at whether an increase is significant or not isn't based on a particular numeric fold increase, it's based on the variability of the assay and you're looking for

the way you look at whether an increase is significant or not isn't based on a particular numeric fold increase it's based on the variability of the assay and you're looking for


enhancing customer value and maintaining cost and capital discipline in order to generate sustainable profitability improvement. I will now turn it over to Steve.

enhancing customer value and maintaining cost and capital discipline in order to generate sustainable profitability improvement i will now turn it over to steve


there is a clear and present opportunity to attract the growing investor flows rotating into yield sectors today, sectors which are more highly valued than the mortgage REIT industry.

there is a clear and present opportunity to attract the growing investor flows rotating into yield sectors today sectors which are more highly valued than the mortgage reit industry


It is not in your materials, but I would like to comment on our third quarter performance in relation to the internal targets for operating profit announced in October.

it is not in your materials but i would like to comment on our third quarter performance in relation to the internal targets for operating profit announced in october


Offsetting these positive results were softer sales in the electrical specialties group, and our team is working hard to improve the sales performance for this group going forward.

offsetting these positive results were softer sales in the electrical specialties group and our team is working hard to improve the sales performance for this group going forward


during the year. This was enabled through the significant commercial investments, and they play an important role both in the short term delivering this result,

during the year this was enabled through the significant commercial investments and they play an important role both in the short term delivering this result


While only a test, we are integrating our home-sharing offerings into our loyalty programs, curating for design, functionality, location and safety

while only a test we are integrating our home sharing offerings into our loyalty programs curating for design functionality location and safety


We should be able to access data in minutes, not days, to compare and contrast our performance in our operations, solve problems and identify performance.

we should be able to access data in minutes not days to compare and contrast our performance in our operations solve problems and identify performance


expand your market on your smaller burn work because of the health of the economic environment that we work in, in the West, let's say, for construction. So we see that part ramping up nicely.

expand your market on your smaller burn work because of the health of the economic environment that we work in in the west let's say for construction so we see that part ramping up nicely


If their prices do not go up or even go down, I think there are abnormal factors in play. Over the long term,

if their prices do not go up or even go down i think there are abnormal factors in play over the long term


that resulted from the mild weather in the quarter. But the impact of the lower volumes was partially offset by TXU Energy's strong margin management and the customer account performance.

that resulted from the mild weather in the quarter but the impact of the lower volumes was partially offset by pq energy's strong margin management and the customer count performance


This will enable us to build a growth forecast based on actual quarterly results rather than on assumptions about lease up rental rates

this will enable us to build a growth forecast based on actual quarterly results rather than on assumptions about lease-up rental rates


We are committed to taking a highly-disciplined approach to capital allocation with the repayment of debt as a top priority after investing in our key growth drivers.

we are committed to taking a highly disciplined approach to capital allocation with the repayment of debt as a top priority after investing in our key growth drivers


while at the same time driving sales per passenger in existing stores through investments and improvements to customer offer and active space and margin mix management.

while at the same time driving sales per passenger in existing stores through investment and improvements to customer offer and active space and margin mix management


Now as usual, we'll update you on our 3-year guidance when we present to you in October. So let's move on to category performance and I'll start with Books.

now as usual we'll update you on our 3-year guidance when we present to you in october so let's move on to category performance and i'll start with books


Our U.S. team has massively improved our financial performance in this region. We've hit key milestones for instrument placements with strong uptake of the Hyperion Imaging System.

our u s team has massively improved our financial performance in this region we've hit key milestones for instrument placements with strong uptake of the hyperion imaging system


and you've given us a guidance at the time of the strategy announcement. So -- and it looks like you're more on track in line with the guidance already in the first half. So I seem to miss something

and you've given us a guidance at the time of the strategy announcement so -- and it looks like you're more on track in line with the guidance already in the first half so i seem to miss something


This comes on top of the implementation of strategic decisions such as the closing or downsizing of certain countries and business areas, which impacted revenues negatively,

this comes on top of the implementation of strategic decisions such as the closing or downsizing of certain countries and business areas which impacted revenues negatively


can you kind of address for us what sort of lag between further potential increases and your ability to go get price and offset,


Our whole team has handled this professionally, and the value is beyond what I expected in terms of coaching and insights gain. Additionally, with the replacement cycle of our tractors Jason mentioned,

our whole team has handled this professionally and the value is beyond what i expected in terms of coaching and insights gained additionally with the replacement cycle of our tractors jason mentioned


As I've said before, if we are able to meet these conditions, we have other strategies to deliver value to our stakeholders, including an orderly runoff of the portfolio.

as i've said before if we are able to meet these conditions we have other strategies to deliver value to our stakeholders including an orderly runoff of the portfolio


Through our digital business practice, we use data and analytics optimized with machine learning and artificial intelligence and, of course, intimate knowledge of our clients' businesses

through our digital business practice we use data and analytics optimized with machine learning and artificial intelligence and of course intimate knowledge of our clients' businesses


And then of course, the volume depends on our capability, depends on customers, but it is a very, very important program for ST and we are very encouraged

and then of course the volume depends on our capability depends on customers but it is a very very important program for st and we are very encouraged


depending on the discussions with the KRG. Discussions are active and progressing. And as you may know, the CPs under the gas lifting agreement were recently extended to end of April.

depending on the discussions with the krg discussions are active and progressing and as you may know the cps under the gas lifting agreement were recently extended to end of april


As you can see from the diagram on the right-hand side, the production from the latest 2 wells on the northern flank are now amongst the most productive wells in the field, with no water at all.

as you can see from the diagram on the right-hand side the production from the latest 2 wells on the northern flank are now amongst the most productive wells in the field with no water at all


Important note to make about this is that the vast majority of these initiatives are really around increasing our floor space productivity and James is going to go into more detail on this

the important note to make about this is that the vast majority of these initiatives are really around increasing our floor space productivity and james is going to go into more detail on this


We are pleased with the antiviral activity we have seen in preclinical studies and believe that RNAi-based therapy will one day be a part of the HBV treatment paradigm.

we are pleased with the antiviral activity we have seen in preclinical studies and believe that rnai-based therapy will one day be a part of the hbv treatment paradigm


There's no question in our mind that Chinese buyers are going to be the big swing factor in the gold market. And we wanted to be first, and we were first.

there's no question in our mind that chinese buyers are going to be the big swing factor in the gold market and we want it to be first and we were first


As we continue to expand our presence in South America through the addition of sales offices in Peru and Argentina, sales by product line is a better indicator of the financial performance of this segment.

as we continue to expand our presence in south america through addition of sales offices in peru and argentina sales by product line is a better indicator of the financial performance of this segment


So can you confirm that? And what about the point allocation? So in the past customer return measures, there were some points allocated. So those are excluded from this calculation? Can you confirm this point? What is the definition

so can you confirm that and what about the point allocation so in the past customer return measures there were some points allocated so those are excluded from this calculation can you confirm this point what is the definition


this is not all the growth we need, but it is a clear indicator that people had pretty high excitement from the product on the booth.

this is not all the growth we need but it is a clear indicator that people had a pretty high excitement from the product on the booth


Before I do that, however, let me talk a little bit about what we're seeing in our core markets and geographies. Really, the trends remain the same from what we've been talking about for the last 3 quarters or so.

before i do that however let me talk a little bit about what we're seeing in our core markets and geographies really the trends remain the same from what we've been talking about for the last 3 quarters or so


And so we continue to see that our offshore and our LNG markets will continue to grow, albeit not as fast as people had thought.

and so we can continue to see that our offshore and our lng markets will continue to grow albeit not as fast as people had thought


That is why we have implemented a lot of measures, such as in reducing the cost and our management expenses.

that is why we have implemented a lot of measures such as in reducing the cost and management expenses


pending the finalization of a few contractual matters between the parties. These commercial activities will be integrated into the groceries division under Martin's leadership,

pending the finalization of a few contractual matters between the parties these commercial activities will be integrated into the groceries division under martin's leadership


And highlighted moving forward. So those are the things primarily we're preparing for moving forward. Our clinical data is obviously and our safety and efficacy is very strong.

and highlighted moving forward so those are the things primarily we're preparing for moving forward our clinical data is obviously and our safety and efficacy is very strong


To build on these results and pursue continued sustainable growth, we outlined our management direction for fiscal 2020 and beyond through a new corporate strategy.

to build on these results and pursue continued sustainable growth we outlined our management direction for fiscal 2020 and beyond through a new corporate strategy


and remind you that the statements made by management and the information contained in this presentation that constitute forward-looking statements are based on management's current expectations.


Now we invite you to a quick review of our vision and strategy. Please refer to Slide 7, where we want to share with you how we are transforming the company

now we invite you to a quick review of our ambition and strategy please refer to slide 7 where we want to share with you how we are transforming the company


or at least test whether it could guide into patient selection. And the idea is to make sure that in the trial we do a retrospective analysis

or at least test whether it could guide into patient selection and the idea is to make sure that in the trial we do a retrospective analysis


about how we see the retail sales. But the demand continues to improve. So not only did we get the growth in demand in '14, we have growth in demand in '15. We're seeing growth in demand in '16. And so the

about how we see the retail sales but the demand continues to improve so not only did we get the growth in demand in '14 we have growth in demand in '15 we're seeing growth in demand in '16 and so the


Given the strength of our products, fiscal responsibility and continued investment in sales and marketing, we can establish a much larger market share and drive strong shareholder value.

given the strength of our products fiscal responsibility and continued investment in sales and marketing we can establish a much larger market share and drive strong shareholder value


As you can see on Slide 8, our organic growth accelerated sequentially as the year progressed while our share performance was strongest in the fourth quarter.

as you can see on slide 8 our organic growth accelerated sequentially as the year progressed while our share performance was strongest in the fourth quarter


And a lot of the market participants have brought a piece or a part to the solution and I think what really differentiates this business

and a lot of the market participants have brought a piece or a part to the solution and i think what really differentiates this business


The first 10 of those patients were considered for Part B and they were in fact randomized to either active or placebo and their blood pressure was assessed in the double-blind phase that I shared the data for.

the first 10 of those patients were considered for part b and they were in fact randomized to either active or placebo and their blood pressure was assessed in the double-blind phase that i shared the data for


In terms of tissue PK taken from IFC samples of the affected gut wall, there was evidence of dose-related increases in local G.I. tissue drug concentrations

in terms of tissue pk taken from biopsy samples of the affected gut wall there was evidence of dose-related increases in local gi tissue drug concentrations


benefits to be reaped and not just in the course of Project Uplift, but well on beyond that. And finally footprint, we have a couple of projects there which are

benefits to be reaped and not just in the course of project uplift but well on beyond that and finally footprint we have a couple of projects there which are


believe that they can continue to ask the market to reduce cost, while they're at the same time, reduce quality of what's coming in, are now finding that it's not going to happen for many of the quality players.

believe that they can continue to ask the market to reduce cost while they're in the same time reduce quality of what's coming in are now finding that it's not going to happen for many of the quality players


players in the industry. What we can tell you is our capacity, when we can get up to 28 million tons, does not require us to invest additional CapEx. So it's a production decision, not an investment decision,

players in the industry what we can tell you is our capacity when we can get up to 28 million tons does not require us to invest additional capex so it's a production decision not an investment decision


Projects include completion of our plant in China, the new plant in Melrose, capacity expansion for value-added product lines and ongoing investments for food and employee safety.

projects include completion of our plant in china the new plant in melrose capacity expansion for value-added product lines and ongoing investments for food and employee safety


While we continue to improve field operational performance, increase order rates and grow healthy backlog, the opportunity to deliver growth and margin expansion is there in coming quarters.

while we continue to improve field operational performance increase order rates and grow a healthy backlog the opportunity to deliver growth and margin expansion is there in coming quarters


In summary. I believe we have the right team and the right strategy for moving the projects to completion and meeting our contractual obligations while minimizing our risk.

in summary i believe we have the right team and the right strategy for moving the projects to completion and meeting our contractual obligations while minimizing our risk


the future is still bright for Jack Henry. We have -- we're totally committed to this platform. We're having great success already, and I don't see that changing as a result of this acquisition.

the future is still bright for jack henry we have -- we're totally committed to this platform we're having great success already and i don't see that changing as a result of this acquisition


largely as a result of the acceleration of employment benefit cost savings from the second half into the first half, which positively impacted margin by 35 basis points.

largely as a result of the acceleration of employment benefit cost savings from the second half into the first half which positively impacted margin by 35 basis points


Besides reducing overall fixed costs, the new business model will allow us to more easily scale resources up and down based on value to the customer.

besides reducing overall fixed costs the new business model will allow us to more easily scale resources up and down based on value to the customer


there are better shopping on the open days because people are on vacations and go shopping in some countries. In some countries, they go traveling and they don't shop. So it's a very mixed bag.

there are better shopping on the open days because people are on vacations and go shopping in some countries in some countries they go traveling and they don't shop so it's a very mixed bag


Overall, we are pleased with the quarter results, which demonstrate the capability and strength of our teams around the world and the benefit of our streamlined focus on our Health and Wealth strategy.

overall we are pleased with the quarter results which demonstrate the capability and strength of our teams around the world and the benefit of our streamline focus on our health and wealth strategy


kind of an -- it's an interesting potential acquisition target. But it depends upon what it's going to go for us, is it going to bring us technology we may not possess or processes.

kind of an -- it's an interesting potential acquisition target but it depends upon what it's going to do for us is it going to bring us technology we may not possess or processes


They included aligning the organization to grow our leadership position in key markets, adjusting how we execute to drive profitable growth and then prioritizing our efforts and our investments.

they included aligning the organization to grow our leadership position in key markets adjusting how we execute to drive profitable growth and then prioritizing our efforts and our investments


So from that standpoint, I would not read through the -- what has been a sequencing of EBITDA that I've seen for most of my 18 years in this business, anything different as it relates to that in our first quarter results,

so from that standpoint i would not read through the -- what has been a sequencing of ebitda that i've seen for most of my 18 years in this business anything different as it relates to that in our first quarter results


And so for the quarter, when you think about onetime in nature, we certainly had higher board transition costs and legal costs in the quarter than we would normally have and

and so for the quarter when you think about onetime in nature we certainly had higher board transition costs and legal costs in the quarter than we would normally have and


While we are fully transitioned to a significantly more capable ERP system affording us added oversight and efficiency over the operational and financial elements of the company,

while we are fully transitioned to a significantly more capable erp system affording us added oversight and efficiency over the operational and financial elements of the company


That was the markets in brief. And quickly going through it, I have 2 or 3 comments on Switzerland, and now allow me to go into that.

that was the markets in brief and quickly going through it i have 2 or 3 comments on switzerland and now allow me to go into that


really good universities, we were able to carve out a niche here because we used to lose thousands of students on a yearly basis that would go out of state to private universities that

really good universities we were able to carve out a niche here because we used to lose thousands of students on a yearly basis that would go out of state to private universities that


The potential impact of the cardiac portion of this new model is harder to size because CMS has not disclosed the 98 markets that will be randomly chosen to participate,

the potential impact of the cardiac portion of this new model is harder to size because cms has not disclosed the 98 markets that will be randomly chosen to participate


it stands at a lower level of those observed in previous years. While the debt is increased slightly in regards to what is shown previous years, but maintaining at healthy levels.

is found at a lower level of those observed in previous years while vdep is increased slightly in regards to what is shown previous years but maintaining at healthy levels


in a recurring kind of subscription model instead of one time. And so that's also shifting some of those up into the subscription line. Those, we talked about last quarter, actually are creating a little bit of

in a recurring kind of subscription model instead of onetime and so that's also shifting some of those up into the subscription line those we talked about last quarter actually are creating a little bit of a


reorganizing and adding new capabilities so that we can in the future and over that 3-year period make sure that we are agile enough


We believe there are revenue synergies that are above and beyond the cost savings. In fact, our strongly held position is that when choosing between organic growth and cost synergies, we will always favor growth.

we believe there are revenue synergies that are above and beyond the cost savings in fact our strongly held position is that when choosing between organic growth and cost synergies we will always favor growth


Before this, we subsidized the handset in the subscription and this is, by law, not possible anymore to directly subsidize the handset again. So

before this we subsidized the handset in the subscription and this is by law not possible anymore to directly subsidize the handset again so


for selling your gout franchise that maybe would make sense to put it in their bag and to just derive some licensing revenue from it than having to invest in the franchise on your own?

for selling your galapagos franchise that maybe would make sense to put it in their bag and just derive some licensing revenue from it than having to invest in the franchise on your own


We are currently working toward winning the order. Currently, projects are nicely distributed across different areas of the world.

we are currently working toward winning the order currently projects are nicely distributed across different areas of the world


The consumable growth is an indicator of the success that we're seeing with the adoption of CUSA Clarity, and disposable sales are a good measure of capital utilization.

the consumable growth is an indicator of the success that we're seeing with the adoption of cusoclarity as disposable sales are a good measure of capital utilization


while constant currency revenue grew 11% after adjusting for the impacts of exchange and hedging. Growth was entirely organic

while constant currency revenue grew 11% after adjusting for the impacts of exchange and hedging growth was entirely organic


After many years of strong growth, we have seen a significant slowdown with several customers experiencing regulatory delays or lower demand for their products.

after many years of strong growth we have seen a significant slowdown with several customers experiencing regulatory delays or lower demand for their products


Thank you, Stan, and good morning, everyone. Welcome to our fiscal 2018 first quarter conference call. As usual, we will begin with a short summary statement, and then Jeff and I will be happy to take your questions.

thank you stan and good morning everyone welcome to our fiscal 2018 first quarter conference call as usual we will begin with a short summary statement and then jeff and i will be happy to take your questions


we would exhaust those prepaid amounts and the prepaid VAT amounts, which are treated as corporate tax over the next 4 to 5 years.

we would exhaust those prepaid amounts and the prepaid vat amounts which are treated as corporate tax over the next 4 to 5 years


The Caspian and Kazakhstan declined, although new contracts beginning early in the first quarter were awarded for operations in both Kazakhstan and Turkmenistan. Looking ahead

the caspian and kazakhstan declined although new contracts beginning early in the first quarter were awarded for operations in both kazakhstan and turkmenistan looking ahead


the share buyback program that we did in the first 2 months of third quarter until we stopped it in connection with the announcement of the ABB transaction.

the share buyback program that we did in the first 2 months of third quarter until we stopped it in connection with the announcement of the abb transaction


As always, we remain disciplined in our selection criteria with a focus on serious and life-threatening diseases with significant unmet medical need that we believe are good targets for the science.

as always we remain disciplined in our selection criteria with a focus on serious life-threatening diseases with significant unmet medical need that we believe are good targets for the science


which include an administrative recourse claim action at the tax authority as a result of the lack of application of the inflation adjustment in the determination of the income tax.


We are fortunate to have a senior leadership team whose experience leaves us well placed to navigate a somewhat more uncertain external environment and to avail of opportunities as they arise.

we are fortunate to have a senior leadership team whose experience leaves us well placed to navigate a somewhat more uncertain external environment and to avail of opportunities as they arise


especially with regard to collaboration between the scientific staffs. We believe that collaboration will leverage the talents of our larger scientific staff,

especially with regard to collaboration between the scientific staffs we believe that collaboration will leverage the talent of our larger scientific staff


really, in any big way to hedge translation. So what we try to do is we try to base our businesses in the markets in which we operate, match our costs and our revenues.

really in any big way to hedge translation so what we try to do is we try to base our businesses in the markets in which we operate match our costs and our revenues


Nancy brings with her broad financial experience, the ability to work cross-functionally across teams and a demonstrated commitment to driving profitable growth. Welcome, Nancy.

nancy brings with her broad financial experience the ability to work cross-functionally across teams and a demonstrated commitment to driving profitable growth welcome nancy


As a longtime operator in the region, we've worked for many years to cultivate strong mutually beneficial relationships with our aboriginal neighbors.

as a long-time operator in the region we've worked for many years to cultivate strong mutually beneficial relationships with our aboriginal neighbors


In sum, it was a terrific quarter. What is important to note is that it is part of an increasingly consistent pattern of Entercom delivering solid growth quarter after quarter.

in sum it was a terrific quarter what is important to note is that it is part of an increasingly consistent pattern of entercom delivering solid growth quarter after quarter


And finally, we are taking a number of decisive steps to strengthen our balance sheet, including the virtual elimination of our debt through the planned sale of our Technology business.

and finally we are taking a number of decisive steps to strengthen our balance sheet including the virtual elimination of our debt through the planned sale of our technology business


how should we think about if there was a bolus in this quarter and the new start rate should decline? Or if you still think that the dynamic you talked about

how should we think about if there was a bolus in this quarter and the new start rate should decline or if you still think that the dynamics you talked about


I would also like to note that as we outlined during our recent Investor Day, beginning with the first quarter of fiscal 2019, we'll be making some changes to our disclosures and reporting.

i would also like to note that as we outlined during our recent investor day beginning with the first quarter of fiscal 2019 we'll be making some changes to our disclosures and reporting


Biggest news of the second quarter came in its final week. The surprising Brexit vote led initially to a sharp repricing of risk across financial markets.

biggest news of the second quarter came in its final week the surprising brexit vote led initially to a sharp repricing of risk across financial markets


So just wanted to follow up again here on the capital recycling activity. So it seems like you're further along on the acquisitions and you've identified the disposition pool, but

yes so just wanted to follow up again here on the capital recycling activity so it seems like you're further along on the acquisitions and you've identified the disposition pool but


related to the reimbursement of development expenses for diroximel fumarate. As a reminder the PDUFA date for diroximel fumarate is expected to occur in the fourth quarter of this year.

related to the reimbursement of development expenses for deroximal fumarate as a reminder the pdufa date for deroximal fumarate is expected to occur in the fourth quarter of this year


We are closely monitoring the pace at which we make our changes and the impact they have on our employees, customers and supplier partners. We're moving quickly,

we are closely monitoring the pace at which we make our changes and the impact they have on our employees customers and supplier partners we're moving quickly


The majority of the products that we sell to the aerospace market are heat-treated aluminum products, especially plate as well as specialty stainless steel and titanium products.

the majority of the products that we sell to the aerospace market are heat-treated aluminum products especially plate as well as specialty stainless steel and titanium products


and then also our available cash. So I think we were pretty consistent with the way we executed the share repurchases through the quarter. We do think it's a good use of our cash, given

and then also our available cash so i think we were pretty consistent with the way we executed the share repurchases through the quarter we do think it's a good use of our cash given


When you look at pure sweet flavor business that is more correspondence to some of our largest competitor,

when you look at pure sweet flavor business that is more correspondence to some of our largest competitor


This continues to be an -- overall, an outstanding industry marketplace, and we believe that with the plans we have in place, we are well positioned to deliver a solid year.

this continues to be an overall and outstanding industry marketplace and we believe that with the plans we have in place we are well positioned to deliver a solid year


But it's not a new round of smartphones. It is improvements, additions

but it's not a new round of smartphones it is improvements additions


We are now focused on completing the trial with high-quality data sets and in preparing for our submission to the FDA so that we can file as rapidly as possible.

we are now focused on completing the trial with high-quality datasets and in preparing for our submission to the fda so that we can file as rapidly as possible


I believe your third quarter is the strongest in terms of booking or at least last year it was very strong in terms of booking. Do you see that driving revenue into the fourth quarter as well?

i believe your third quarter is the strongest in terms of booking or lease last year it was very strong in terms of booking do you see that driving revenue into the fourth quarter as well


despite of those things, we were able to report profit growth for the second half of the year. So more of that later. I'd like to start by saying a little bit about the macro environment we find ourselves trading in.

despite those things we were able to report profit growth for the second half of the year so more of that later i'd like to start by saying a little bit about the macro environment we find ourselves trading in


Because of our setup and structures in the region, such a significant devaluation reduces our sales line, and a significant share of this also falls through to our bottom line

because of our setup and structures in the region such a significant devaluation reduces our sales line and a significant share of this also falls through to our bottom line


history in the past to kind of see our track record on cost and our track record on how much of a loaded rate per mile is able to drop to the bottom line.

at our history in the past to kind of see our track record on cost and our track record on how much of a loaded rate per mile is able to drop to the bottom line


We've grown from primarily a mailback company to our position now as a leading comprehensive provider of medical and pharmaceutical waste management services

we've grown from primarily a mail-back company to our position now as a leading comprehensive provider of medical and pharmaceutical waste management services


the major portion of short-term debt is trade finance, and that's because of the volume of exports that we have out of Brazil, by far the cheapest source of financing in Brazil, and for that reason,

the major portion of short-term debt is trade finance and that's because of the volume of exports that we have out of brazil by far the cheapest source of financing in brazil and for that reason


We concentrated 1 year on an efficiency project that changed the way we operate, resulting in a model of management and a leap in profitability, and we have stuck to those principles today.

we concentrated one year on an efficiency project that changed the way we operate resulting in a model of management and a leap in profitability and we have stuck to those principles today


The reality is, we are managing that down now, obviously that takes time to correct in the marketplace, but that is actively being managed down as we speak.

the reality is we are managing that down now obviously that takes time to correct in the marketplace but that is actively being managed down as we speak


Yes, so as we mentioned, and we are definitely seeing that operating margin improvement on our Industrial business, and again, that's coming through their greater comp,

yes so as we mentioned and we are definitely seeing that operating margin improvement on our industrial business and again that's coming through their greater comps


Finally, our outlook accounts for 1 additional selling day in the third quarter relative to 2018 to make up for the 1 less selling day in the first quarter this year.

finally our outlook accounts for one additional selling day in the third quarter relative to 2018 to make up for the one less selling day in the first quarter this year


both of which raised your interest today versus a couple of years ago. But those changes aside, I was just curious your perspective on where do you think consumer demand is at for alternative accommodations

both of which raised your interest today versus a couple of years ago but those changes aside i was just curious your perspective on where you think consumer demand is at for alternative accommodations


Behind the scenes, we recently launched a new customer recognition platform, which will allow Marriott associates globally, both on and off property, to deliver better service.

behind the scenes we recently launched a new customer recognition platform which will allow marriott associates globally both on and off property to deliver better service


Good progress against the Canadian bank's multiyear target of 1 million new primary customers. Tangerine also performed strongly during the year.

good progress against the canadian bank's multi-year target of 1 million new primary customers tangerine also performed strongly during the year


in markets, use those brands to then drive an ability to deliver more products and services. To do that, you need capabilities that we never previously had. It's not surprising because we didn't really have a business here.

in markets use those brands to then drive an ability to deliver more products and services to do that you need capabilities that we never previously had which is not surprising because we really have a business here


as we move into the spring months and into the summer. I will say this. I think as we end 2019, you're going to see more of the capital improvement projects

as we move into the spring months and into the summer i will say this i think as we end 2019 you're going to see more of the capital improvement projects


As we look at how each of our segments contributed on the next couple of slides, you will see that thanks to the fuel volume and rental income growth achieved from our acquisitions,

as we look at how each of our segments contributed on the next couple of slides you will see that thanks to the fuel volume and rental income growth achieved from our acquisitions


but we are fortunate to have a small but exceptionally impressive group of entrepreneurs. And we think we'll just keep looking for those great entrepreneurs and finding the right fit

but we are fortunate to have a small but exceptionally impressive group of entrepreneurs and we think we'll just keep looking for those great entrepreneurs and find the right fit


Ladies and gentlemen, good day, and welcome to the Galapagos results webcast. At this time, I would like to turn the conference over to Elizabeth Goodwin. Please go ahead, ma'am.

ladies and gentlemen good day and welcome to the galapagos results webcast at this time i would like to turn the conference over to elizabeth goodwin please go ahead ma'am


I think the next thing that we expect to be doing is testing the end-to-end material that comes out and validating that it's actually meeting specification.

but i think the next thing that we expect to be doing is testing the end-to-end material that comes out and validating that it's actually meeting specification


And I think some of you have actually heard me say before that the default rate for the CAPREIT portfolio now is actually lower than the CMHC mortgage default rate. It's

i think some of you have actually heard me say before that the default rate for the capreit portfolio now is actually lower than the cmhc mortgage default rate it's


that, on the one hand, we see very strong and continued digitization in all segments. And on the other hand, we also do see less volume

that on the one hand we see very strong and continued digitization in all segments and on the other hand we also do see less volume


how do you think about walking that up to what you think you'll really be, what the real earnings opportunity is going to look like? Because I think in prior conversations, you've talked about how that

how do you think about walking that up to what you think you'll really be -- what the real earnings opportunity is going to look like because i think in prior conversations you've talked about how that


and record that. Yuck. And it's all being done on paper. Not anymore. ReposiTrak now enables him to take a click of this creature,

and record that yuck and it's all being done on paper not anymore repositrack now enables him to take a click of this creature


almost across the board in Europe this year. So our outlook assumes improvement in European pack, but that's based more on just what happened last year than it is about any specific knowledge about this year.

almost across the board in europe this year so our outlook assumes improvement in the european pack but that's based more on just what happened last year than it is on any specific knowledge about this year


that may involve some hybrid products. We have the same products that our partners have and our conditions will not worsen because of that. And in other products where

that may involve some hybrid products we have the same products that our partners have and our conditions will not worsen because of that and in other products where


both of which we see as good areas of future growth, will help drive stationery sales into the longer term. And I'll come on and talk about a couple of initiatives there shortly.

both of which we see as good areas of future growth will help drive stationary sales into the longer term and i'll come on and talk about a couple of initiatives there shortly


As far as the third element of our strategic plan, tenaciously pursuing cost savings, this is clearly evident when you look at our margin increase in the quarter over the past year.

as far as the third element of our strategic plan tenaciously pursuing cost savings this is clearly evident when you look at our margin increase in the quarter over the past year


I think it's going to have to fall into the fourth quarter. And as such, in order to entice the clients to move back out of just a strictly seasonal cycle,

i think it's going to have to fall into the fourth quarter and as such in order to entice the clients to move back out of just a strictly seasonal cycle


So they have a plan. They've shared it to me. That's logical. And then what they would hope is that sometime during that time frame, to

so they have a plan they've shared it through me that's logical and then what they would hope is that sometime during that time frame to


kind of have more prolific benchmarked products have had to react. And I do think, in general, the trend on fees is down, but it's not going to be a major thing for us.

kind of have more prolific benchmark products have had to react and i do think in general the trend on fees is down but it's not going to be a major thing for us


As you may recall from our call last quarter, I discussed the plan that our leadership team is focused on in order to address the tremendous opportunity we have to take Marlin to the next level of growth and profitability,

as you may recall from our call last quarter i discussed the plan that our leadership team is focused on in order to address the tremendous opportunity we have to take marlin to the next level of growth and profitability


of sharing the savings with our customers by offering attractive prices on our insurances. And so

of sharing the savings with our customers by offering attractive prices on our insurances and so


Of course, one of the main reasons for those weak prices is that the traditional storage reservoirs in the province that add demand for gas in the summertime,

of course one of the main reasons for those weak prices is that the traditional storage reservoirs in the province that add demand for gas in the summertime


on the performance of emerging market equities. I think we've seen a sharp improvement over the last couple of months as the market dynamics that Keith was

on the performance of emerging market equities i think we've seen a sharp improvement over the last couple of months as the market dynamics that keith was


So we think we can maintain that. On your second question, in terms of whether we get to the point where growth inflows are matched by outflows? Not really. I mean, if you look at our outflow performance,

so we think we can maintain that on your second question in terms of whether we get to the point where gross inflows are matched by outflows not really i mean if you look at our outflow performance


positive direct impact on those redemptions, the same difficult markets we've been talking about are having an immediate influence on client demands.

positive direct impact on those redemptions the same difficult markets we've been talking about are having an immediate influence on client demands


To appreciate those factors that may cause actual financial or operating results or the timing of matters to differ from those contemplated in such forward-looking statements.

to appreciate those factors that may cause actual financial or operating results or the timing of matters to differ from those contemplated in such forward-looking statements


Our portfolio is more focused and increasingly more aligned to the long term, more attractive categories and segments. Our brands continue to strengthen.

our portfolio is more focused and increasingly more aligned to the long-term more attractive categories and segments our brands continue to strengthen


although the first quarter will still be recuperating, in my opinion, we see some positive news moving forward. So now in India, just to get the whole story

although the first quarter will still be recuperating in my opinion we see some positive news moving forward so now in india just to get the whole story


Caroline has an impressive track record of success with extensive and diverse design experience and creative expertise, brings with her tremendous talent, retail experience and leadership skills.

caroline has an impressive track record of success with extensive and diverse design experience and creative expertise brings with her tremendous talent retail experience and leadership skills


But good to see a resurgence there and at the time was when we see a little bit of uptick in the business jet market as well. I mean, it isn't all about the current activity.

but good to see a resurgence there and at the time was when we see a little bit of an uptick in the business jet market as well and it isn't all about the current activity


is a very strong contributor to the overall results. We are a strong market leader in France. We are in the top 3 everywhere. And despite the fact

is a very strong contributor to the overall results we are a strong market leader in france we are in the top 3 everywhere and despite the fact


Assessments Australia delivers assessments as a means to identify what support services may be required in order to make individuals successful in a community environment.

assessments australia delivers assessments as a means to identify what support services may be required in order to make individuals successful in a community environment


That starts to cross the line on what is trust. And that's where our industry really has to come forward and say we're going to make sure that these technologies are trust based.

that starts to cross the line on what is trust and that's where our industry really has to come forward and say we're going to make sure that these technologies are trust-based


when we do in acquisition, we do it very carefully to either add a specific product capability or add a specific end market.

when we do an acquisition we do it very carefully to either add a specific product capability or add a specific end market


the types of opportunities in terms of size and scale? And when we could actually -- realizing that these are multiyear projects, when -- at what point can we expect to maybe

the types of opportunities in terms of size and scale and when we could actually realize that these are multiyear projects when -- what point can we expect to maybe


We'll continue to look at that and adjust targets as appropriate, but I'm not sure anything changes in terms of the big picture plan for South America. Yes, I mean I would say we are constantly benchmarking each of our countries

we'll continue to look at that and adjust targets as appropriate but i'm not sure anything changes in terms of the big picture plan for sales yes i mean i would say we are constantly benchmarking each of our countries


We continue to feel bullish about our offering and ability to compete in the market. We can say with a high degree of confidence that we currently have the most compelling end-to-end revenue cycle

we continue to feel bullish about our offering and ability to compete in the market we can say with a high degree of confidence that we currently have the most compelling end-to-end revenue cycle


We chose the latter by paying an annual supplemental dividend in such amount as to provide several years of forward visibility to the projected recurrence of such supplemental dividends.

we chose the latter by paying an annual supplemental dividend in such amount as to provide several years of forward visibility to the projected recurrence of such supplemental dividends


Other than as required by law, we undertake no obligation to update or revise these forward-looking statements whether as a result of information, future events or otherwise.

other than as required by law we undertake no obligation to update or revise these forward-looking statements whether as a result of information future events or otherwise


and have a pretty robust plan on activities we can take if we do see weakening. I mean even go back to what we saw in Alberta a few years ago. There was a change in Alberta, in some of those strategies in Alberta as it related to

and have a pretty robust plan on activities we can take if we do see weakening i mean even go back to what we saw in alberta a few years ago there was a change in alberta some of those strategies in alberta as related to


As we have commented on in the past, we continue to see the expansion of mass spec technology into routine quantification workflows primarily in food safety and biopharmaceutical applications.

as we have commented on in the past we continue to see the expansion of mass spec technology into routine quantification workflows primarily in food safety and biopharmaceutical applications


It helps ensure we meet our customer priorities as well as helps offset market-specific dynamics like product life cycles or even partner challenges.

it helps ensure we meet our customer priorities as well as helps offset market-specific dynamics like product life cycles or even partner challenges


And so we think that having the ability to bill for EXPAREL, even in an environment where it is currently the standard of care, is going to really accelerate

and so we think that having the ability to bill for exparel even in an environment where it is currently the standard of care is going to really accelerate


and what we've really done in particularly the last 12 to 18 months is launched a whole array of new products. So now we don't just have our panel lift door and our more premium panel lift icon door.

and what we've really done in particularly the last 12 to 18 months is launched a whole array of new products so now we don't just have our panel lift door and our more premium panel lift icon door


Recent reserve power sales and order trends continue to be robust in the Americas, driven mainly by increased orders for our industry-leading Thin Plate Pure Lead batteries across all segments.

recent reserve power sales and order trends continue to be robust in the americas driven mainly by increased orders for our industry-leading thin plate pure lead batteries across all segments


a Risk Slide tool to help customers quantify and visualize the impact of market events, income tools, to seamlessly add options for stock positions in one click,

a risk slide tool to help customers quantify and visualize the impact of market events income tools to seamlessly add options to stock positions in one click


As of today, we continue to focus on our strategies to serve our customers well with quality and reliable solutions which meet their business needs over the-long term.

as of today we continue to focus on our strategies to serve our customers well with quality and reliable solutions which meet their business needs over the long term


First, we expect to deploy capital to support organic growth opportunities. This includes operational improvements, sales force investments and new product development.

first we expect to deploy capital to support organic growth opportunities this includes operational improvements sales force investments and new product development


We still want to see the local business accelerate to its true potential. We still have to fully stabilize our international business, and we still have to deliver big customer experience wins. However,

we still want to see the local business accelerate to its true potential we still have to fully stabilize our international business and we still have to deliver big customer experience wins however


just to handle the business that we expect to come on board this year. So I -- in the aggregate, I think that, that's safe. We do not intend -- we don't have a plan to

just to handle the business that we expect to come on board this year so i -- in the aggregate i think that that's safe we do not intend we don't have a plan to


on an already efficient platform in terms of how we operate. So it's a balanced approach. It's the right approach. And I think it's going to take a little time to implement. It's not going to happen overnight.

on an already efficient platform in terms of how we operate so it's a balanced approach it's the right approach and i think it's going to take a little time to implement it's not going to happen overnight


It is pretty much in line with the approximately 50 basis point lower, which is a kind of a net effect of the price impact

it is pretty much in line with the approximately 50 basis point lower which is a kind of a net effect of the price impact


it's not that we don't explain ourselves, it's not that we don't point folks to things that they can read and draw their own conclusions, but as we've done that, what I can tell you is the conversation very quickly turns back to

it's not that we don't explain ourselves it's not that we don't point folks to things that they can read and draw their own conclusions but as we've done that what i can tell you is the conversation very quickly turns back to


I have put these disciplines in place and watched it at work in other companies, and I'm confident about its ability to positively impact margins.

i have put these disciplines in place and watched it at work in other companies and i am confident about its ability to positively impact margins


We look forward to identifying additional attractive assets, executing on our commercial initiatives and delivering meaningful therapeutic options for patients and sustainable growth to shareholders.

we look forward to identifying additional attractive assets executing on our commercial initiatives and delivering meaningful therapeutic options for patients and sustainable growth to shareholders


Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes and circumstances, many of which are outside of our control.

because forward-looking statements relate to the future they are subject to inherent uncertainties risk and changes in circumstances many of which are outside of our control


We have developed a comprehensive cloud-based learning management system that will provide our teammates with both the technical skill set needed to effectively serve our customers today

we have developed a comprehensive cloud-based learning management system that will provide our teammates with both the technical skill set needed to effectively serve our customers today


Margins will also be impacted by a significant increase in property taxes between years, the increase in the Arizona minimum wage and the revenue shifts that Dan will discuss.

margins will also be impacted by a significant increase in property taxes between years the increase in the arizona minimum wage and the revenue shifts that dan will discuss


treated the same way as physical threats. They're not. They're coming from anywhere in the world, and our systems are not designed

treated the same way as physical threats they're not they're coming from anywhere in the world and our systems are not designed


The newly acquired Alent and OM Group assets experienced modest headwinds, particularly from the electronics end markets but performed in line with our expectations.

the newly acquired elantan om group assets experienced modest headwinds particularly from the electronics end markets but performed in line with our expectations


that's targeted and intended and gets to its audiences. And so we see absolutely no sign of the secular shift away. We think this is an unusual time period

that's targeted intended and gets to its audiences and so we see absolutely no sign of a secular shift away we think this is an unusual time period


It really does come down to prioritizing where we drill, and that is driven by how can we commercialize and do that in a timely way.

it really does come down to prioritizing where we drill and that is driven by how we can commercialize and do that in a timely way


and our synergy commitments. And now we are glad we did because while we are starting from a lower base, we anticipate delivering strong EPS growth off of that new base

and our synergy commitments and now we are glad we did because while we are starting from a lower base we anticipate delivering strong eps growth off of that new base


Factors that would tend to reduce our gross profit percentage include a shift in mix towards PINPOINT and DermACELL, which are currently toward the lower end of our gross profit range.

factors that would tend to reduce our gross profit percentage include a shift in mix towards pinpoint and dermacel which are currently toward the lower end of our gross profit range


while investing in our business and managing our capital allocation programs efficiently in order to drive long-term value for all of our key stakeholders.


in the second quarter. We typically don't talk about these things as we go through them because we typically don't have big issues as we turn them on. And so we're continuing to invest there

in the second quarter we typically don't talk about these things as we go through them because we typically don't have big issues as we turn them on and so we're continuing to invest there


over the last couple of years increased the capacity, and part of that has also been to prepare for the next move, so they could also relatively easy and fast

over the last couple of years increased capacity and part of that has also been to prepare for the next move so they could also relatively easy and fast


to stay with Compugen? And then, the strategic advisors, how much time of their working day do they spend advancing the interests

to stay with compugen and then the strategic advisers how much time of their working day do they spend advancing the interests


This event resulted in our need to reschedule the filing of our IND, which was originally planned for Q4 of this year.

this event resulted in our need to reschedule the filing of our ind which was originally planned for q4 of this year


what were old processes that were put in place that may be much more efficiently executed with the same results on a much lower cost basis,


But we've been able to, I think, really take advantage of the broad platform that we have that sources deals in many different industries and types

but we've been able to i think really take advantage of the broad platform that we have that sources deals in many different industries and types


up further as a result of the model being introduced not in all markets at the same time, but rather sort of successively in different markets, and they start picking up volume.

up further as a result of the model being introduced not in all markets at the same time but rather sort of successfully in different markets and they start picking up volume


So if you have to pay more for it, it's just like steel going up in a construction project. On the other hand, because of inflation, which oftentimes accompanies rising interest rates, and that's the reason for the rate rise,

so if you have to pay more for it it's just like steel going up in a construction project on the other hand because of inflation which oftentimes accompanies rising interest rates and that's the reason for the rate rise


And so then can you quantify, of the remaining freighter in your fleet, how much more is there a risk to a write-down? Or is this all that you've taken and there's nothing left to take?

and so then can you quantify of the remaining freighter in your fleet how much more is there a risk to a write-down or is this all that you've taken and there's nothing left to take


Most importantly, we maintain our strong confidence in our ability to grow free cash flow and continue to support a high payout ratio over free cash flow for the dividend.

most importantly we maintain our strong confidence in our ability to grow free cash flow and continue to support a high payout ratio over free cash flow for the dividend


and they've been very helpful in the past on several things. And so there's probably a couple of other areas that can help us on liquidity in the meantime also.

and they've been very helpful in the past on several things and so there's probably a couple of other areas that can help us on liquidity in the meantime also


So we have a number of benchmarks and data points that suggest that we are doing this, that we've made a lot of progress here, and I think that piece will continue.

so we have a number of benchmarks and data points that suggest that we are doing this that we've made a lot of progress here and i think that piece will continue


And I just noticed that in today's discussion, we've hardly talked about there being an election or that one of the parties has a manifesto that seeks to return national infrastructure into public ownership over time.

and i just noticed that in today's discussion we've hardly talked about there being an election or that one of the parties has a manifesto that seeks to return national infrastructure into public ownership over time


and we are on track to accomplish both of these goals in fiscal 2018. We do anticipate some fluctuation in our financial results this year as we implement a number of strategic changes across the

and we are on track to accomplish both of these goals in fiscal 2018 we do anticipate some fluctuation in our financial results this year as we implement a number of strategic changes across the


We had great excitement in our partner channel program during the quarter, adding 16 new partners for the quarter and that momentum has continued into Q2 with very strong partner additions

we had great excitement in our partner channel program during the quarter adding 16 new partners for the quarter and that momentum has continued into q2 with very strong partner additions


as foreign exchange rates were not favorable for monetizing the funds. Going forward, we expect to see normalized fixed interest expenses based on current debt levels.

as foreign exchange rates weren't favorable for monetizing the funds going forward we expect to see normalized fixed interest expenses based on current debt levels


I will now turn the call over to Andy to provide more details on our second fiscal quarter 2017 results as well as our outlook for the remainder of the year. Andy?

i will now turn the call over to andy to provide more details on our second fiscal quarter 2017 results as well as our outlook for the remainder of the year andy


taking our HR function from that of a purely transactional organization to one which recognizes the value in and power of our human capital and serves as a true partner to our business.

taking our hr function from that of a purely transactional organization to one which recognizes the value in and power of our human capital and serves as a true partner to our business


Within our downstream business, we see continued positive momentum in both refinery expansion and petro chem. This is driven largely by growing global population and increasing prosperity.

within our downstream business we see continued positive momentum in both refinery expansion and petrochem this is driven largely by growing global population and increasing prosperity


In 2018, there is much to do, and we are focused to deliver on our key priorities. I want to share some financial thoughts with you for the early part of the year.

in 2018 there is much to do and we are focused to deliver on our key priorities i want to share some financial thoughts with you for the early part of the year


and we believe is one of the more attractive projects from a return and capital intensity perspective within the industry, and it comes with the support of the host government.

and we believe is one of the more attractive projects from a return and capital intensity perspective within the industry and it comes with the support of the host government


contributing to that, whether it's your food colors or your food preservation, some of the extracts that you've been getting into. Can you talk a little bit more to

contributing to that whether it's your food colors or your food preservation some of the extracts that you've been getting into can you talk a little bit more to


is that a number you're comfortable with or do you still see room for real estate expansion? I mean how do we think about that in our model kind of on a couple year basis, long term basis?

is that a number you're comfortable with or is there -- do you still see room for real estate expansion i mean how do we think about that in our model kind of on a couple of year basis long-term basis


The arbitrated access prices require to reflect cost, including our commercial rate of return, prevailing market conditions for funds and risk.

the arbitrated access prices required to reflect cost including a commercial rate of return prevailing market conditions for funds and risk


will be used to invest in upstream capital projects with the intention to deliver production and reserves growth and increased activity and employment in the areas where we operate.

will be used to invest in upstream capital projects with the intention to deliver production and reserves growth and increase activity and employment in the areas where we operate


Good synergies, good assets, strong customer support, we think the returns are going to be very attractive.

good synergies good assets strong customer support we think the returns are going to be very attractive